Retail analysts say Macy’s valuable real estate, including its flagship store in New York City, is a coveted asset to the investors. Macy’s was synonymous with the department store model for decades and consumers visiting Macy’s stores to shop for clothing, perfume and other products. Macy’s fortunes have declined alongside the department store industry. The dropoff has tipped some department stores such as Sears, Neiman Marcus, JCPenney, Lord & Taylor and others into bankruptcy. If a deal does go through, however, it could mean trouble for Macy’s retail business.

Source: CNN December 12, 2023 18:25 UTC